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Bloomberg plans huge investments in India

Global media and information giant, Bloomberg, whose annual revenue exceeds $ 2 billion, is all set to establish a strong foothold in India in a phased manner with enormous investments expected to pour in the next six months.

"We are serious about business in India," Bloomberg chief Michael Bloomberg told Bombay-based newsmen through a digital video conferencing link from the United States. The finance and media mogul arrives in India on Sunday to review the existing activities in India and look into future business prospects.

During the 45-minute interaction held at the American Center, Bloomberg said he looks keenly his forthcoming visit to the country, where he is scheduled to meet business leaders and senior government officials. He said that in view of the expansion plan, the company intends to double its workforce.

Leveraging its leading position of providing investment professionals in over 100 countries, data, analysis, electronic communications and transactional services through its real time financial information network, Bloomberg will help bring India close to the global investment community.

Bloomberg, who is the founder as well as the chief executive officer of the company, talking about the areas of interest in India said that the company will target banks, securities company, financial institutions and companies dealing in money market and debt instruments. He said that the company plans to sell at least 500 terminals by this year end. Apart from this, the company also plans to get into radio and television business in India.

Over the two decades since its inception, Bloomberg has become the premiere information network to the world's central banks, investment institutions, commercial banks, government agencies and news organisations. Having made initial forays into the Indian market in 1995, it now wants to extend its world class service to country's business sectors in a major way.

Bloomberg's plans reflect the boom in India's business activity, which is set to put the country's track for one of the fastest economic growth rates in the world. India's technology companies are making waves in markets such as the US and Europe, writing software for Fortune 500 companies.

He said that the Indian market is expanding and the products of Bloomberg will help the corporates and banks to reach out to the other markets and similarly with Bloomberg coming in more and more information of other markets will be available to Indian businessmen.

Bloomberg revealed that the company was interested in developing more and more localised products to tap the Indian markets. He said that taking into consideration the vast potential in Indian economy, Bloomberg plans its entry into media.

UNI

Business